Last checked at 27 Jul 2015 07:00
27 July 2015
Transense Technologies plc
("Transense" or the "Company")
General Meeting Statement
Result of Offer for Subscription
Transense Technologies plc (AIM: TRT), the provider of sensor systems for the transportation and industrial markets, is holding a General Meeting at 12.00 p.m. today. At the meeting David Ford, Chairman of the Company, will make the following statement:
"Subject to Shareholder approval, the Placing and Offer for Subscription have raised in aggregate £2.6m, providing the Company with a significantly strengthened balance sheet. In addition, we look forward to Nigel Rogers joining our Board tomorrow, as Non-Executive Deputy Chairman.
We expect to report trading for the financial year ended 30 June 2015 in line with management expectations, with full year sales, subject to audit, of approximately £1.6m.
The Board remains in discussions with a number of interested parties regarding a possible sale of the IntelliSAW business. Discussions with potential purchasers to date have been encouraging, but there is no guarantee that a sale will be agreed. Further announcements will be made in due course, as and when appropriate."
Result of Offer for Subscription
Further to the announcement on 29 June 2015, the Company has, subject to the General Meeting and Admission, finalised the Offer for Subscription raising £0.6m through the issue of 41,580,000 new Ordinary Shares (the "Offer Shares") at a price of 1.5 pence per Ordinary Share. The Offer follows the Placing raising £2 million from new institutional and other investors, as announced on 29 June 2015.
Capitalised terms in this announcement have the same meaning as in the Circular published on 30 June 2015 except where otherwise indicated.
For further information, please contact:
Transense Technologies plc | Tel: +44 1869 238 380 |
Graham Storey, Chief Executive | |
finnCapEd Frisby, Giles Rolls (corporate finance) Tony Quirke, Alice Lane (corporate broking)
| Tel: +44 20 7220 0500 |
IFC Advisory | Tel: +44 20 3053 8671 |
Tim Metcalfe, Graham Herring |
About Transense Technologies
Based in Oxfordshire, UK, Transense has developed patent-protected sensor systems for use in diverse high growth markets. Developed in conjunction with partners including McLaren Electronic Systems and General Motors, Transense's Surface Acoustic Wave (SAW), wireless, battery-less, sensor systems offer significant advantages over legacy wireless sensor systems. Via three wholly owned divisions, IntelliSAW, Translogik and SAWSense, Transense is targeting the high growth global electrical Smart Grid applications market, the automotive and mining industries, and torque, temperature and pressure sensing markets respectively.
Transense's sensors are also being used in the wind turbine monitoring industry. The Company is part of a consortium of nine companies ("IntelWind") that has begun development on a major EU funded project to improve the efficiency and reliability of wind turbines.
Transense's shares are admitted to trading on AIM, a market operated by the London Stock Exchange (AIM: "TRT").
www.transense.co.uk